POM L12

Question 1

What is a risk ?

Answer 1

…is the deviation of a result of a future event

from expectations
# … is uncertain whether it will materialize or
not
# …is a potential harm that may arise of such an
event
#…might accrue a the failure to attain some
benefit
#… depends on our decisions

Question 2

Risk Management Framework ?

Answer 2

From RISK to Benefits : Identify Risk&raquo_space;» Control Risk&raquo_space;»> Reduce Risk

Question 3

Methods to identify risk ?

Answer 3

brainstorming, checklists, expert
discussions, SWOT analysis (strengths, weaknesses,
opportunities, threats)

Question 4

What are 5 risk management perspectives ?

Answer 4

DAMMS

Development, Attitude, Methods, Morphology, Skills

Question 5

What are the managements common view ?

Answer 5

. Strategy 
• Planning
• Organisation 
• Leadership 
• Control

Question 6

Risk identification

Answer 6

• What might affect the objectives
• grouping the risk into categories
• assigning risk triggers

Question 7

What are the 4 possible response types for mitigation ?

Answer 7

Avoidance-based: Try to avoid risk occurrence.
Control-based: Identify actions to control risk occurrence
Transfer-based: Delegate the risk (to subcontractors)
Investigation-based: Try to analyze risk further.

Question 8

What are the reactions to renewed concept of uncertainty ?

Answer 8

#Scenario analysis
#Stress tests
#Mix of quantitive and qualitative views

Question 9

What are the risk management skills (Risk management development layers)?

Answer 9

“DIRK”

1) Distance
2) Intuition (+quick - requires lots of experiences)
3) Rules (+transparent - conservative)
4) Knowledge (+understanding - slow)

Question 10

What is a Tornado Model ?

Answer 10

It is a scenario based design, It is deriven from visionary scenario to demo scenario.

Question 11

What is a scenario based Design ?

Answer 11

It starts with a problem based statement which is given by the client (includes Problem Description, Scenarios, Requirements, …). At the end it is transferred from visionary to formalized scenario.

Question 12

What are the 6 components of formalized scenario ?

Answer 12

#Scenario Name (Contains noun and verb) 
#Flow of Events (User and system interaction),
#Entry Conditions ( conditions that have to be met before the Flow of Events can start.),
#Exit Conditions (conditions that have to be true at the end of the Flow of Events.), 
#Quality Requirements, Actors (concrete user of the system)